Within the ICO Companies and Entrepreneurs line, the tourism sector will have a compartment of 1,000 million euros, for the realization of projects aimed at the development of new products or services, according to the Hosteltur tourism news portal.
This financing is part of the Addendum to Spain's Recovery Plan to mobilize all of the Next Generation European funds between now and 2026, approved this Monday by the European Commission.
The loan line is also designed for new organizational or innovation processes that allow for savings in resource consumption and less waste generation, in addition to investments aimed at increasing the category of the establishment and improving the sustainability of the property.
Once the Commission's approval has been received, there is a period of one month for the EU Council of Finance Ministers to ratify the decision.
The European Commission has positively assessed the Addendum to the Spanish Plan, stating that "the plan makes it possible to face the new challenges" of the international and energy context in particular, and highlighting that it represents "an adequate and balanced response to the economic and social situation."
In total, the Recovery Plan will mobilize up to 163,000 million euros in the period 2021-2026, more than 12% of Spain's GDP, which joins the 36,700 million euros from the Structural Funds of the multiannual financial framework 2021-2027 to complete an ambitious program of modernizing investments in the country.
